The best life insurance plan for your parents is the policy that accomplishes their goals. It really depends on the need for life insurance. Do they have debt to be repaid? Do they need to shelter some money for retirement? Or do they just need enough to cover their final expenses? Answering these questions will determine the type and amount of life insurance your parents need.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
The underlying issue normally for this question is paying final expenses. If that is correct then permanent insurance is the only policy to consider because you do not know when they will die. I normally prefer whole life in this situation as it has guarantees that are easy to understand. To do this, children need to obtain the cooperation of the parents.
Recruiter/Manager, Cole Insurance Investments, Charlotte N.C.
Many questions must be answered before we could really honestly answer this question age, health , assets, liabilities,investments etc. So what I am saying is find a planner and be willing to lay it all on the line and let the planner search for you the best way to go. With the economy being down you are thinking on the right path be patient and search.
When adult children are looking for life insurance for their parents, I find that that most common scenario is this:
1) The parents are OK with their children doing the research, but are not crazy about doing it themselves, or may be unable to tackle that task for health or cognitive reasons.
2) Children are usually looking for a final expense policy that will take care of their parents' funeral and burial costs, pay off misc bills that may be present at death, and pay costs of settling the estate.
3) The parents may go along with a minimum amount of underwriting, but may balk if there is an exam required.
If that is the type of scenario you are presented with, I recommend getting a simplified issue whole life insurance policy. If your parents have serious health issues, they may need to go with a guaranteed issue whole life policy that is graded during the first 2-3 years. You will need to sit down with your parents to get their list of medications and health conditions, then contact an agent who understands final expense insurance to see if they can qualify for a simplified issue whole life policy that pays 100% from day one for death by any reason.
Some tips:
1) You will want to go with whole life because it is certain to be in effect when death occurs, as long as premiums are paid.
2) Look for a policy that has premiums locked in. Surprisingly, some very popular policies offered to seniors have rates that go up as they age, often making them unaffordable just at the time when they are needed.
3) If your parents don't want to do a telephone interview, you can get them a guaranteed issue policy that does not require a phone interview.
Best wishes and please do not hesitate to contact me or other life agents on this website for assistance.
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
That's almost a "trick" question! How old are your parents? What would be the primary purpose for this policy? Do they have any existing life insurance? So really then what is the best life insurance for your parents depends on their objectives, their age and what they can afford. My best advise on this would be to consult with an insurance adviser that is not tied to just one provider. And make sure you understand the benefits and length of coverage of any policy you are considering.
I learned when I first got into the industry, that the best policy is the one that pays a death benefit to the beneficiary.
Depending on what your families goals are for the insurance, will dictate which type is appropriate. Some form of Term Insurance, or Permanent Insurance. Or maybe a combination of the two.
Every situation is diffferent, so there is not any "one size fits all" solution
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1) The parents are OK with their children doing the research, but are not crazy about doing it themselves, or may be unable to tackle that task for health or cognitive reasons.
2) Children are usually looking for a final expense policy that will take care of their parents' funeral and burial costs, pay off misc bills that may be present at death, and pay costs of settling the estate.
3) The parents may go along with a minimum amount of underwriting, but may balk if there is an exam required.
If that is the type of scenario you are presented with, I recommend getting a simplified issue whole life insurance policy. If your parents have serious health issues, they may need to go with a guaranteed issue whole life policy that is graded during the first 2-3 years. You will need to sit down with your parents to get their list of medications and health conditions, then contact an agent who understands final expense insurance to see if they can qualify for a simplified issue whole life policy that pays 100% from day one for death by any reason.
Some tips:
1) You will want to go with whole life because it is certain to be in effect when death occurs, as long as premiums are paid.
2) Look for a policy that has premiums locked in. Surprisingly, some very popular policies offered to seniors have rates that go up as they age, often making them unaffordable just at the time when they are needed.
3) If your parents don't want to do a telephone interview, you can get them a guaranteed issue policy that does not require a phone interview.
Best wishes and please do not hesitate to contact me or other life agents on this website for assistance.
Depending on what your families goals are for the insurance, will dictate which type is appropriate. Some form of Term Insurance, or Permanent Insurance. Or maybe a combination of the two.
Every situation is diffferent, so there is not any "one size fits all" solution